Aaron Klein is the director of the Center on Markets and Regulations at the Brookings Institution where, among other things, he focuses on financial regulations and real time payments. Aaron has written widely on real time payments and he joins the show today to talk about this issue, as they discuss the definition of real-time payments, how they could have a positive impact on limiting income inequality, and why the Fed is now interested in setting up its own real-time payments system. David and Aaron also discuss banking reform after the recession, the shadow banking system, and why a lack of bank failures may be a worrying signal.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08122019/aaron-klein-real-time-payments-and-financial-regulation

Aaron's Twitter: @Aarondklein

Aaron's Brookings profile: https://www.brookings.edu/experts/aaron-klein/

Related Links:

*Is China's New Payment System the Future?* by Aaron Klein

https://www.brookings.edu/research/is-chinas-new-payment-system-the-future/

*Round One: What Role Should the Federal Reserve Play in Developing a Faster Payments System?* Symposium featuring James Angel, Aaron Klein and George Selgin

https://www.mercatus.org/bridge/commentary/round-one-what-role-should-federal-reserve-play-developing-faster-payments-system

*Round Two: What Role Should the Federal Reserve Play in Developing a Faster Payments System?* Symposium featuring James Angel, Aaron Klein and George Selgin

https://www.mercatus.org/bridge/commentary/round-two-what-role-should-federal-reserve-play-developing-faster-payments-system

David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth